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Invesco National AMT-Free Municipal Bond ETF
PZA

177 hedge funds and large institutions have $1.14B invested in Invesco National AMT-Free Municipal Bond ETF in 2020 Q4 according to their latest regulatory filings, with 28 funds opening new positions, 70 increasing their positions, 35 reducing their positions, and 21 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more repeat investments, than reductions

Existing positions increased: 70 | Existing positions reduced: 35

33% more first-time investments, than exits

New positions opened: 28 | Existing positions closed: 21

3% more funds holding

Funds holding: 172 → 177 (+5)

18.33% less ownership

Funds ownership: 70.11% → 51.77% (-18%)

33% less funds holding in top 10

Funds holding in top 10: 3 → 2 (-1)

40% less capital invested

Capital invested by funds: $1.89B → $1.14B (-$753M)

Holders
177
Holders Change
+5
Holders Change %
+2.91%
% of All Funds
3.13%
Holding in Top 10
2
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-33.33%
% of All Funds
0.04%
New
28
Increased
70
Reduced
35
Closed
21
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$6.61M
2
AHC
Anderson Hoagland & Co
Missouri
+$2.43M
3
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
+$1.93M
4
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$1.68M
5
SWRP
Summit Wealth & Retirement Planning
California
+$1.67M

Top Sellers

Rank Fund Capital Flow
1
UBS Group
UBS Group
Switzerland
-$235M
2
Bank of America
Bank of America
North Carolina
-$225M
3
RBA
Richard Bernstein Advisors
New York
-$196M
4
MSL
Mackay Shields LLC
New York
-$146M
5
Envestnet Asset Management
Envestnet Asset Management
Illinois
-$11.8M
Name Holding Trade Value Shares
Change 		Change in
Stake
AFS
26
Axiom Financial Strategies
Indiana
$3.13M – – –
SW
27
SteelPeak Wealth
California
$3.04M +$73.6K +2,750 +3%
RJFSA
28
Raymond James Financial Services Advisors
Florida
$2.71M -$139K -5,193 -5%
BWM
29
BCGM Wealth Management
Indiana
$2.63M +$2.57M +96,201 New
CCP
30
Cardan Capital Partners
Colorado
$2.63M -$705K -26,346 -21%
AHC
31
Anderson Hoagland & Co
Missouri
$2.47M +$2.43M +90,954 New
CB
32
Commerce Bank
Missouri
$2.37M – – –
Northwestern Mutual Wealth Management
33
Northwestern Mutual Wealth Management
Wisconsin
$2.35M -$72.5K -2,708 -3%
TIM
34
Tortoise Investment Management
New York
$2.12M +$388K +14,500 +23%
CA
35
Calton & Associates
Florida
$2.08M +$227K +8,479 +12%
NC
36
NewSquare Capital
Pennsylvania
$2.07M +$478K +17,854 +31%
Commonwealth Equity Services
37
Commonwealth Equity Services
Massachusetts
$2.07M +$38.7K +1,447 +2%
Baird Financial Group
38
Baird Financial Group
Wisconsin
$2.02M – – –
ACP
39
Aveo Capital Partners
Colorado
$1.96M -$246K -9,188 -11%
Cetera Investment Advisers
40
Cetera Investment Advisers
Illinois
$1.95M +$1.93M +72,040 New
SPC
41
Sigma Planning Corp
Michigan
$1.89M -$144K -5,395 -7%
FUBT
42
First United Bank & Trust
Maryland
$1.78M +$326K +12,170 +23%
AFP
43
Ausdal Financial Partners
Iowa
$1.67M +$30.5K +1,139 +2%
MML Investors Services
44
MML Investors Services
Massachusetts
$1.65M -$84K -3,138 -5%
SFG
45
StrategIQ Financial Group
Indiana
$1.6M +$66.4K +2,482 +4%
Renaissance Technologies
46
Renaissance Technologies
New York
$1.57M +$332K +12,400 +27%
Goldman Sachs
47
Goldman Sachs
New York
$1.46M +$793K +29,626 +122%
DAS
48
Dynamic Advisor Solutions
Arizona
$1.38M +$358K +13,357 +36%
SF
49
Synovus Financial
Georgia
$1.36M -$14.7K -550 -1%
PA
50
Procyon Advisors
Connecticut
$1.3M +$76.3K +2,852 +6%
1
2
3 4 5

PZA Hedge Fund Activity: Q4 2020 in Review

177 of the 5,651 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q4 2020, worth a combined $1.14B — down 40% from $1.89B a quarter earlier.

Buyers outnumbered sellers: 28 funds opened new PZA positions and 21 closed out — a net gain of 7 holders — while 70 added to existing stakes and 35 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $6.61M. The largest seller was UBS Group, cutting an estimated $235M.

  • 177 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q4 2020, up from 172 in Q3 2020.
  • Funds reported $1.14B of Invesco National AMT-Free Municipal Bond ETF stock for Q4 2020, down 40% quarter-over-quarter.
  • 28 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q4 2020 and 21 closed out, a net change of +7 holders.
  • The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q4 2020 was Morgan Stanley, an estimated $6.61M added.
  • The largest Invesco National AMT-Free Municipal Bond ETF seller in Q4 2020 was UBS Group, an estimated $235M sold.

Based on aggregated 13F filings for Q4 2020.